Most people do not desire competition in business but then do little or nothing to eliminate it. You wouldn't tolerate fleas on your dog or termites in your house, you would eliminate them. Why not do the same with competition? This economy does not afford many to successfully compete for the same dollars. You can't afford to give your product and services away today so you have to figure out how not to compete. Now is the time to create situations where you are eliminating competition not being compared to it. Who wants competition? Not me! In my companies we shamelessly do everything we can to eliminate and destroy competition.
Apple did it with full glass screen and no keypad- bang, iPhone. This is a company that despises competition and creates new products aggressively in order to make their own earlier creations extinct. Other companies makes an effort to keep up at which time Apple has already moved on to create a new product. So how do you eliminate the competition? Simply, DO WHAT OTHERS WILL NOT DO!
As a business owner or manager you must stop thinking in terms of best practices and focus on 'ONLY' practices. Pay less attention to what your competition does well and look at what they will not do at all! Of course you want to improve on those things others do well but really pour gasoline on those things they will not do. The first step to killing off the competition is to refuse to believe that you have to compete and instead elect to think in terms of how to rid the competition like you would fleas or termites. By doing what others will not do you will create a competitive edge, maybe even an entire new business. In my newest book, If You're Not First, You're Last, Wiley Publications, I write in detail about the importance of being first and dominating your market. I explain exactly how to get there and how to never compete, even how to reduce and eliminate competition. Competition may be good for customers but it typically is not good for your bottom line. By doing those things that are competition killers you will start to provide a whole new value proposition for your customers.
How to Create Competition Killers:
1) Make a list of long held beliefs in your industry.
2) Assume all long held beliefs create competition.
3) Do what your competitor refuses to do.
4) Commit to ONLY practices not best practices.
It is a basic fact of nature, those that don't change are guaranteed extinction. In business, sales and service are the key ingredients to survival and competition cuts into your sales and ability to service. Why compete when you don't have to. Kill the competition by doing those things they will not do and you will increase your sales, expand your business and get more money for your services. Like my friend Brent Abdulla reminds me, Attila the Hun inherited the Scythian hordes who were disorganized and weakened by internal strife. Attila's first order of affairs was to unite his subjects for the purpose of creating one of the most formidable and feared armies Asia had ever seen.
Grant Cardone, Business Expert and Author